8 Easy Steps to Double Your Salary in 12 Months or Less
Doubling your money in under a calendar year may sound like a pipe dream, but according to the money experts at Inc.com, there exist a number of everyday practices that promise to increase your earnings exponentially—even on an abbreviated timeline. Keep reading to learn which practical habits will make multiplying your income a reality now.
Identify a distinctive skill and hone it ruthlessly. Specializing in an area of growth within your field can be the key to standing out on a team. Come to the table with something only you can offer. Specialized knowledge will increase your value to your employer and clients. Everyone has a natural talent, so take time to evaluate your personal strengths and weaknesses. Having a keen sense of your unique contribution will prove invaluable when asking for a raise. Feeling confident in how you’re needed makes it all the more reasonable to demand what you’re worth.
You won’t shoot up the ladder by simply carrying on with what’s expected. Go the extra mile. Show initiative by proactively taking on additional tasks. Offer suggestions that will help the organization perform well as a whole, even beyond your specific duties. Demonstrate your value as a team player and build a reputation for offering up meaningful solutions. A boost in responsibilities will create opportunities in your field, both within and outside of your current company.
When it comes to interviewing, it’s general good practice to keep your hand in. Follow job boards and keep tabs on openings in your field. Even taking general meetings to discuss opportunities within your company could lead to a higher-paying gig or the inside track to a new position.
Take classes. Expand your skillset. The more tools under your belt, the more qualified and ready you’ll be for a promotion when opportunities arise. Make a point of informing management when you take job-related courses. Many companies have a budget allocated for employee growth. Thinking of taking a communication or efficiency seminar? Talk to HR to see if your employer would be willing to sponsor you.
If you’re a freelancer, take a good hard look at your client roster. You may be better off focusing on a smaller number of clients at a higher rate. Use the extra time to build out your skillset or procure new work.
Businesses exist to turn a profit. Know exactly how your contribution brings in profits. The more of an asset you are, the more leverage you’ll have asking for a bigger payout.
All things in life have a season—even employers. If you truly feel you’ve outlasted and outgrown all opportunities at your current place of employ, move on. Consider relocating. Research competitive salaries in different locations. When assessing the costs, be sure to take cost of living into consideration. For example, the same job in New York might pay more, but cost-of-living increases may mean you’re pocketing less in the long run. Stay informed and get creative.
Building a business around a hobby or skill can be a great source of extra income. Choose something you already regularly do and find a way to monetize it. You may just discover a hidden career. As the saying goes, take a job doing something you truly love, and you’ll never work a day in your life.
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